This article analyzes the presence of a price bubble in the new house market for the Greater Santiago. For the above use di®erent methodologies on the Real Housing Prices Index (IRPV) prepared by CEC-CChC, all of which reject the presence of a housing bubble in the concerned market.

Since Black, Jensen, and Scholes (1972) and Fama and MacBeth (1973), the two-pass cross-sectional regression (CSR) methodology has become the most popular approach for estimating and testing asset pricing models. Statistical inference with this method is typically conducted under the assumption...

Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) is the largest and most ambitious public works program for poverty alleviation, adopted by Government of India since independence. It was implemented in year 2006, starting with the first phase of 200 most backward districts in...

With the rapid growth of omnichannel retailing, digitally native retailers are increasingly opening physical stores. A critical issue for many digitally native retailers is to estimate the causal effect of a new store opening on their online sales. To assess the causal effect, a randomized...

The aim of the paper is to fulfill the gap for testing hypotheses on parameters of the log-normal stochastic volatility model, more precisely, to propose finite sample exact tests in the sense that the tests have correct levels in small samples. To do this, we examine method-of-moments-based...

In this paper, we develop methods of the determination of the rank of random matrix. Using the matrix perturbation theory to construct or find a suitable bases of the kernel (null space) of the matrix and to determine the limiting distribution of the estimator of the smallest singular values. We...

This paper proposes unit root tests based on partially adaptive estimation. The proposed tests provide an intermediate class of inference procedures that are more efficient than the traditional OLS-based methods and simpler than unit root tests based on fully adaptive estimation using...

This paper develops a systematic procedure of statistical inference for the ARMA model with unspecified and heavy-tailed heteroscedastic noises. We first investigate the least absolute deviation estimator (LADE) and the self-weighted LADE for the model. Both estimators are shown to be strongly...

This paper develops asymptotic optimality theory for statistical treatment rules in smooth parametric and semiparametric models. Manski (2000, 2002, 2004) and Dehejia (2005) have argued that the problem of choosing treatments to maximize social welfare is distinct from the point estimation and...

Investment in infrastructure such as the information and communication technology sector requires large, substantial amounts, most of which are sunk or irreversible. Uncertainty of market demand, competition, costs and public policy complicates the investment decision process. This paper...